Crypto World
Riot Posts Record $647M Revenue in 2025 as Bitcoin Miners Struggle
Riot Platforms (NASDAQ: RIOT) closed 2025 with a record revenue footprint, anchored by a surge in Bitcoin (CRYPTO: BTC) mining and a strategic pivot toward AI-friendly data infrastructure. The miner reported $647.4 million in revenue for the year, up 72% from $376.7 million in 2024, with Bitcoin mining revenue accounting for the bulk of that rise — $576.3 million — as the company’s hashrate climbed and Bitcoin prices firmed. The year saw Riot mine 5,686 BTC, up from 4,828 BTC in 2024. The average cost to mine one Bitcoin, excluding depreciation, rose to $49,645 from $32,216 in 2024, reflecting a 47% increase in the global network hashrate and higher mining difficulty, though power credits grew 68% over the year, helping offset some costs. Engineering revenue also climbed to $64.7 million from $38.5 million in 2024.
Key takeaways
- Full-year revenue reached $647.4 million, a 72% year-over-year rise, driven largely by Bitcoin mining.
- Bitcoin mining revenue totaled $576.3 million in 2025, with Riot producing 5,686 BTC for the year.
- The average cost to mine one BTC rose to $49,645 due to a 47% jump in the global network hashrate and higher mining difficulty; power credits rose 68% to help compensate.
- Riot still posted a net loss of $663 million for 2025 due to accounting adjustments and the paper value of its Bitcoin holdings, though adjusted EBITDA reached $13 million.
- At year-end, Riot held 18,005 BTC on its balance sheet (3,977 BTC pledged as collateral), valued at about $1.6 billion at the period’s price; the company maintained $309.8 million in cash, including $76.3 million restricted.
- The year featured notable strategic moves, including an AMD data-center agreement and the sale of Bitcoin to fund a 200-acre land purchase in Rockdale, Texas, amid activist pressure to accelerate a pivot toward AI/HPC infrastructure.
Tickers mentioned: $BTC, $RIOT, $AMD
Sentiment: Neutral
Market context: The 2025 crypto cycle remained volatile, with miners navigating lower price environments and rising mining difficulty as global hashrates expanded. Riot’s results reflect both the resilience of Bitcoin mining revenue and the pressures of noncash accounting on reported profits, while the sector-wide shift toward data-center and AI infrastructure gained pace among peers.
Why it matters
Riot’s 2025 numbers underscore the enduring profitability potential of Bitcoin mining when operational scale and efficiency align with favorable Bitcoin price trends. The company’s ability to produce 5,686 BTC in a year demonstrates the continued relevance of large-scale, purpose-built mining operations even as macro conditions vary. Yet the sizable net loss for 2025 highlights the distinction between cash generation and reported earnings, driven by noncash accounting adjustments and the mark-to-market treatment of Bitcoin holdings. For investors, the key takeaway is whether Riot’s business model can convert its rising revenue into sustainable cash flow as it diversifies beyond mining into AI-focused data-center infrastructure.
Riot’s strategic pivot toward AI and HPC infrastructure is a central theme in the sector. The company’s leadership has signaled a broader trend among leading miners to repurpose existing power capacity for AI workloads, aligning with a market where demand for GPU-accelerated data centers and related services remains robust. This pivot aligns Riot with peers that have begun converting mining capacity into AI computing, a move that could unlock new monetization avenues beyond BTC production. The balance between mining economics and the potential upside from AI/HPC deployments will be critical to assess in the coming quarters, particularly as the company explores capital allocation decisions that could affect liquidity and leverage metrics.
The year’s narrative is also shaped by external pressures from activist investors. Starboard Value’s position suggested the AI/HPC pivot could unlock a valuation up to $21 billion, a view that intensifies scrutiny on how Riot deploys capital and scales its non-mining businesses. The broader mining ecosystem is undergoing a similar transformation, with other miners converting facilities and power capacity into data-center operations. In this environment, Riot’s execution on both mining efficiency and AI-centric expansion will be watched closely by holders and analysts alike.
Beyond Riot’s internal dynamics, the sector faced notable earnings results from peers during 2025. Core Scientific reported Q4 revenue of $79.8 million, down 16% year over year and short of estimates, while TeraWulf posted quarterly mining revenue of $35.8 million, below expectations. Marathon Digital Holdings (MARA) faced a steeper quarterly loss of $1.71 billion as revenue declined, underscoring the difficult backdrop for miners even as some players pursue diversification into AI infrastructure. The industry’s earnings narrative in 2025 highlighted both the fragility of pure mining profits and the potential for strategic pivots to sustain growth.
Riot’s year-end results also mirror a broader financial landscape in crypto by illustrating how the balance sheet interacts with price movements. The company finished the year with 18,005 BTC on hand, including nearly 4,000 BTC pledged as collateral, valued at approximately $1.6 billion using year-end Bitcoin prices. With $309.8 million in cash and $76.3 million restricted, Riot’s liquidity position provides a foundation for ongoing investments, including data-center expansions and potential acquisitions linked to its AI/HPC strategy. The role of Bitcoin as a treasury asset remains a focal point for investors evaluating the risk-reward profile of mining-centric businesses in a volatile market.
What to watch next
- Progress of the AMD data-center agreement and any related deployment milestones at Riot’s facilities.
- Updates on the Rockdale, Texas land development and whether additional capital is deployed toward AI/HPC infrastructure.
- Regulatory or market developments that could impact mining economics or Bitcoin’s treasury treatment in Riot’s financials.
- Future quarterly results for any signs of improved profitability from AI/data-center initiatives or changes in BTC holdings strategy.
- Ongoing discourse with activists and any governance actions tied to Riot’s strategic pivot and capital allocation plan.
Sources & verification
- Riot Platforms, Inc. announces full-year 2025 financial results and strategic highlights — official press release.
- Riot Platforms’ 2025 earnings report (PDF): Riot earnings report. Source: Riot.
- Details on the AMD data-center agreement and Rockdale land purchase: Riot Platforms Bitcoin AI HPC Texas land deal — original reporting.
- Activist investor Starboard Value commentary on Riot’s strategic pivot and potential valuation upside: Starboard Value discussion.
- Industry context on AI infrastructure and mining sector shifts: article on AI-focused data centers and high-yield bonds in BTC mining.
Riot Platforms’ 2025 results reflect a record top line and a pivot toward AI infrastructure
Riot Platforms (NASDAQ: RIOT) posted a year that underscored both the durability of large-scale Bitcoin mining and the strategic tension between traditional mining economics and the opportunity set created by AI-centric data centers. The revenue trajectory was unmistakable: a $647.4 million top line, a 72% ascent from the prior year, with BTC-driven mining revenue powering the majority of that growth. The company’s annual Bitcoin production reached 5,686 BTC, a solid step up from 4,828 BTC in 2024, illustrating how scale and efficiency can translate into tangible output even amid a volatile crypto environment. The mining segment’s strength is tempered by cost dynamics that have evolved in tandem with a rapidly expanding network hashrate — up 47% globally — and a corresponding rise in mining difficulty. Excluding depreciation, Riot’s estimated custo to mine a single Bitcoin rose to $49,645, a signal that margins can compress when the network grows quickly, though the resilience of power credits, which rose 68% in the year, helped cushion some of that pressure.
The company’s 2025 earnings narrative was not simple arithmetic. A net loss of $663 million dominated headlines, but much of that figure traces noncash accounting adjustments and changes in the paper value of Riot’s Bitcoin holdings. When noncash items are stripped away, adjusted EBITDA stood at $13 million for the year. Investors were reminded that cash-generating capacity can coexist with paper losses on the balance sheet, a dynamic that has become increasingly common among miners that carry substantial Bitcoin positions on their books. The disclosures around these noncash effects underscore the importance of parsing GAAP results from the underlying cash flow and operating performance when evaluating Riot’s long-term trajectory.
On the balance sheet, Riot ended 2025 with a sizable cache of Bitcoin — 18,005 BTC — worth roughly $1.6 billion using year-end prices, of which 3,977 BTC were pledged as collateral. The company also held $309.8 million in cash, with $76.3 million classified as restricted. These figures provide Riot with a degree of financial flexibility as it navigates capital allocations in a field that remains sensitive to Bitcoin’s price trajectory and mining economics. The year’s liquidity position supports ongoing initiatives tied to the AI/HPC pivot, including potential expansions of data-center capacity or related partnerships.
Strategically, Riot’s year highlighted deliberate steps toward redefining its role beyond pure mining. In January, Riot struck a data-center agreement with AMD (NASDAQ: AMD), signaling a potential shift toward AI accelerator workloads and high-performance computing. In tandem, the company disclosed plans to monetize Bitcoin to fund a 200-acre land purchase in Rockdale, Texas, a move that aligns with a broader push to increase on-site compute capacity while pursuing productive uses for capital. Activist investor Starboard Value pressed for a more accelerated pivot into AI infrastructure, arguing that the transformation could unlock substantial value. This tension between immediate mining returns and longer-term data-center profitability mirrors a wider industry debate about how miners should allocate capital as demand for AI infrastructure continues to grow.
Riot’s narrative sits within a broader ecosystem of miners pursuing similar diversification. Peers such as Hive, Hut 8, TeraWulf, and Iren have repurposed some of their power assets for data-center operations, while CoreWeave has moved toward fully AI infrastructure. The evolving earnings mix reflects an industry-wide recalibration: mining revenues remain a foundational contributor, but AI-focused data centers promise new avenues for revenue and margin expansion if executed with discipline and scale. The 2025 results thus offer a snapshot of a sector in transition — one where the fate of an individual miner hinges on execution across multiple fronts: efficiency, balance-sheet discipline, capital allocation, and the ability to monetize AI compute opportunities as demand for AI workloads climbs.
Looking ahead, Riot’s path will depend on how successfully it translates its AI/HPC ambitions into tangible earnings and how it navigates Bitcoin’s price volatility. The company’s forthcoming disclosures and quarterly updates will be critical for assessing whether the AI pivot can meaningfully augment free cash flow and provide a sustainable alternative to mining-driven revenue. As miners balance the traditional economics of BTC production with the strategic imperative to invest in AI infrastructure, Riot’s 2025 experience could serve as a bellwether for the broader market’s willingness to embrace diversification as a route to enduring profitability.
EDXM International will launch the first blockchain-based derivative of the Korean won in April 2026, targeting one of the world’s most active currency pairs. The Singapore-based exchange, backed by Wall Street heavyweights Citadel Securities and Fidelity Digital Assets, is introducing a perpetual futures contract that tracks the won against the US dollar. This product utilises a won-backed stablecoin structure to offer institutions a capital-efficient alternative to the traditional non-deliverable forward (NDF) market.
The strategic pivot to Asia comes as the Korean Won cements its dominance in digital asset markets. Trading volumes for KRW pairs have frequently exceeded those for USD pairs on global exchanges during high-volatility periods in 2025 and 2026. EDX Markets is positioning this product to capture the liquidity that has historically been trapped behind South Korea’s strict capital controls.
- Product Mechanics: KRW-linked perpetual futures settled in USDC using the offshore KRWQ stablecoin, launching April 2026.
- Market Opportunity: The KRW acts as a proxy for Asian crypto risk, with Won NDFs commanding roughly $27 billion in average daily volume.
- Strategic Edge: EDXM International utilizes an offshore settlement structure to bypass capital controls that restrict traditional foreign exchange.
How the KRW Perpetual Contract Structure Works
The contract runs on a synthetic pair: KRWQ versus USDC.
KRWQ is a won-backed stablecoin issued by Brainpower Labs, a Cayman Islands-based entity. Traders on EDXM International go long or short on the KRW/USD exchange rate without ever touching the restricted currency. Everything settles in USDC.
The efficiency gap over traditional NDFs is significant. Standard won forwards require banking relationships and T+2 settlement cycles. This settles in real time on-chain. EDXM International CEO Kai Kono put it bluntly: trading stablecoin perpetuals is more efficient than NDFs because settlement is instant and no banking relationships are required.
Brainpower Labs maintains that the offshore minting process complies with current South Korean regulations. Unlike China’s explicit ban on offshore yuan stablecoins, Korean regulators have not moved against offshore won-pegged assets. That regulatory gap is the foundation of the product.
The market it is tapping into is enormous. Won NDFs are the largest non-deliverable market in the world, with average daily volumes near $27 billion. That volume is driven by the Kimchi Premium, the persistent price gap between crypto assets on Korean exchanges versus global platforms, and the sheer size of Korea’s domestic retail trading base.
South Korean retail traders punch well above their weight in global crypto volume. Until now, hedging that currency exposure was exclusive to major investment banks dealing in interbank forwards. EDXM is opening that access to crypto-native institutions directly.
The won has become a regional risk appetite proxy. When crypto rallies, KRW volumes spike, often flipping the Euro and Yen on trading desks. This contract is the first direct rail for crypto funds to trade dynamically without leaving the blockchain.
Wall Street Crypto Moves to Capture Asia FX Demand
EDXM International’s move signals a maturing of the market structure. High-frequency trading firms and hedge funds require regulatory clarity before entering new derivative markets. The backing of Citadel Securities and brokerage giants gives EDX a credibility advantage over unregulated offshore exchanges. Similar to how Swiss banks are fracturing to adopt Bitcoin strategies, traditional U.S. market makers are fracturing their operations to service Asian crypto demand through regulated international arms.
Traders are watching to see if the April launch cannibalises volume from the traditional NDF market. If liquidity migrates from bank-traded forwards to EDXM’s stablecoin perpetuals, it validates the thesis that blockchain rails are efficient enough to replace legacy FX plumbing. The threshold for success will be whether major market makers begin quoting tight spreads on KRWQ/USDC immediately upon launch.
Discover: The best new crypto in the world
The post Wall Street Target Asia: New Won Stablcoin Plots Asia FX Dominance appeared first on Cryptonews.
Strategic Waterway at Risk
The Strait of Hormuz is also one of the most important routes of oil transit in the world, and its interruption has already attracted international attention. The US stance has been supported by several nations such as the United Kingdom, France, and Germany, which have put pressure on Iran to allow normal shipping activities. Furthermore, the Gulf countries have also highlighted the necessity to maintain the energy routes steadily to avoid the broader economic impact in case the US attacks. Iran has replied that any assault by the US will be met with attacks on the infrastructure in the region that benefits the US. Energy plants, technology systems, and desalination plants may serve as targets in the case of further escalation, according to the officials. This was also in response to an alleged missile attack associated with Iran on the Haifa refinery in Israel that fueled more tension in the region.
Oil markets responded swiftly to the events, with oil prices rising to approximately 98 dollars per barrel, indicating the increasing supply fears. The traders considered the possibility of extended unrest in the Gulf region, which would constrict global supplies. In addition, analysts observed that strategic reserves might fail to counter lasting supply shocks in the event that the conflict spreads to international markets. The cryptocurrency market revealed a new vulnerability as geopolitical risks rose amidst global markets. Major digital assets suffered losses with investors moving to less risky assets due to uncertainty. The larger risk-off mood thus persisted to press crypto prices even though they have tried to recover in the recent past.
The situation in the financial markets is delicate to any additional update, with each group taking a strong stand. On another indicator, investors are keeping a close eye on any diplomatic happenings that will reduce tensions or avert escalation. Nevertheless, with additional uncertainty surrounding the Strait of Hormuz, volatility can be expected to continue in the near term in both oil and digital asset markets.
Robinhood’s (HOOD) board has approved a new $1.5 billion share repurchase program, according to an 8-K filing with the U.S. Securities and Exchange Commission.
It adds more than $1.1 billion to existing buyback capacity.
The company said it expects to carry out the plan over about three years starting in the first quarter of 2026, though it is not required to buy a fixed amount.
Alongside the buyback, Robinhood also strengthened its access to funding. Its subsidiary, Robinhood Securities, entered into an updated credit agreement with lenders led by JPMorgan. The deal expands a revolving credit facility to $3.25 billion, up from $2.65 billion, with the option to increase total commitments to $4.875 billion.
One of last year’s hottest stocks, in large part thanks to the boom in crypto-related trading, HOOD has lost more than 50% of its value since bitcoin topped in early October. Shares are up 1.4% in after hours trading.
Bitcoin (BTC) holders are gradually becoming less prone to panic selling and instead building up cash buffers to deploy during discounted BTC buying opportunities. Onchain data supports this view, highlighting a large surge in stablecoin activity, with USD Coin (USDC) and Tether’s USDt (USDT) transfers reaching a combined $440 billion on March 22.
This shift in investor behavior aligns with the increasing risk-off approach seen in markets as the United States Federal Reserve dismissed near-term interest rate cut expectations, amid rising energy prices due to the ongoing US and Israel-Iran war.
Bitcoin realized volatility expands, but investors are cool headed
Bitcoin’s recent price action highlights a volatile market. It dropped 3.75% to $67,300 on Sunday before rebounding above $71,700 on Monday, with the move largely driven by news around the US and Israel-Iran war.
As a result, BTC’s realized volatility, which measures how much the price has actually moved over a given period, remains elevated across multiple time frames. The three-month and six-month realized volatility measures have climbed to 107% and 148%, respectively, up from 60% and 94.5% over the past six months.
However, the long-term one-year realized volatility has remained unchanged near 180% during this period. That suggests the market isn’t in full panic mode, and it is dealing with uncertainty without widespread forced selling.
Stablecoin flows provide important context for this environment. On March 22, the total number of USDC tokens transferred surged to 368 billion, marking a roughly 2,081% daily increase to an all-time high, while USDT transfers on the Ethereum network reached 72 billion.
These stablecoin flows point to a rapid capital rotation and repositioning. The market participants are actively moving funds into stablecoins as a temporary store of value, creating a “cash buffer” that can be redeployed quickly.
This dynamic often emerges in volatile conditions, where traders may prioritize monitoring the price over high exposure.
Related: What happens to Bitcoin if US bond yields soar above 5%?
Spot and futures activity remain below bull market highs
Futures data further reinforces the current sidelined sentiment. BTC open interest (in USD) is down $19 billion over the past six months, indicating a steady reduction in leveraged exposure. This unwind reflects a market that is de-risking rather than building aggressive positions.
Aggregated funding rates have cooled to 0.01% from overheated levels near 0.1% in July-August 2025, occasionally flipping negative, while the perpetual futures premium continues to trade at a discount to spot.
Together, these signals point to subdued leverage demand and a market lacking strong directional conviction, with a slight bearish tilt.
The spot market activity paints a similar picture. Cointelegraph reported that Binance is on track to record its lowest monthly spot volume since September 2023, with volumes hovering near $52 billion.
The current participation levels align more closely with periods of reduced engagement seen during prior bear market cycles in 2022-2023.
Thus, the crypto market has strong liquidity, with capital actively moving through stablecoins, but it isn’t being deployed into Bitcoin yet, and BTC holders continue to observe the current market.
Related: Bitcoin value ‘off the chart’ as BTC price metric hits record lows in 2026
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Balancer Labs is shutting down operations. The corporate entity behind the DeFi protocol is winding down after a $128 million exploit on November 3, 2025, made the company a “liability” due to mounting legal exposure.
Co-founder Fernando Martinelli confirmed the decision Monday, stating that the protocol itself will continue under a decentralized structure. The immediate market reaction has been brutal, with liquidity providers exiting V2 pools as confidence in the centralized entity evaporates.
- Exploit Impact: A rounding error in swap logic drained $128 million from V2 pools across multiple chains.
- Restructuring Plan: Balancer Labs dissolves; core team migrates to a new OpCo subject to DAO approval.
- Protocol Viability: Despite the shutdown, the protocol generates over $1 million in annualized fees.
Balancer Labs $128M Exploit: How Attackers Broke the Vault
The November 3 attack was surgical.
Attackers exploited a rounding flaw in Balancer’s swap logic across V2 pools on 6 different blockchains. Within 30 minutes, $128 million in user funds was gone. The vector was a pricing error in stable pools manipulated to drain liquidity. Not a flash loan. A fundamental flaw in the vault’s math.
Balancer founder Fernando Martinelli did not sugarcoat the post-mortem. “What failed was not the technology,” he wrote. “What failed was the economic model wrapped around it.” The accumulated weight of security incidents has turned the corporate entity from a development shield into a litigation target.
The market signal is bearish. BAL is facing renewed sell pressure as holders digest the dissolution of the primary development entity. TVL has contracted sharply since November with capital rotating into Curve and Uniswap.
Two scenarios from here.
If the DAO cannot execute a swift tokenomics overhaul, $1 million in annualized fees will not sustain development. The protocol becomes a zombie chain. If the proposed elimination of BAL emissions and a buyback program lands correctly, the shutdown gets repriced as a bottom signal and the token resets.
DEX volume across aligned ecosystems is plunging. Liquidity is fragmenting. If Balancer cannot stabilize its TVL, capital flight accelerates into more defensive stablecoin pools elsewhere.
Sellers control the tape until the restructuring is finalized.
Contagion Risk: Who Is Exposed to the Collapse?
Shutting down Balancer Labs removes the legal target. It does not fix the credit risk.
Protocols building on Balancer’s programmable liquidity are now interacting with a headless entity run purely by governance. For institutional LPs, losing a corporate counterparty increases perceived risk. Martinelli confirmed it himself. The lab had become a liability operating without revenue. The old DeFi development model is dead.
The pivot is radical. Balancer Labs dissolves. Core team members transition to a new entity called Balancer OpCo, pending a governance vote. BAL emissions get zeroed out. The veBAL governance model, which had been dominated by bribe markets, gets scrapped entirely.
Martinelli’s argument is straightforward. The technology still works. The protocol is revenue-positive. The shutdown unbundles the code from the legal baggage of the exploit and hands control to the DAO.
The technology survived. The company did not.
Balancer is now a live test case for whether a major DeFi protocol can outlive its own corporate death and function purely as code. If the governance vote fails to establish the OpCo, the protocol does not fade gracefully. It drifts into irrelevance with no one left to steer it.
The vote is the only thing that matters right now.
Discover: The best new crypto in the world
The post Balancer Labs to Shut Down After $128M Exploit, Plans Lean Restructuring appeared first on Cryptonews.
A down day in crypto became slightly less so in the minutes since U.S. stocks closed for the session.
According to Israeli Channel 12, a one-month ceasefire could soon be announced as part of a package being negotiated by White House envoys Steve Witkoff and Jared Kushner.
Other terms of the deal reportedly include a dismantling of Iran’s existing nuclear capabilities and that country’s vow to “never seek” nuclear weapons.
The news was felt most immediately in the oil market, with Brent Crude dropping from $104 to below $100 in a few minutes.
Trading down throughout the day and sitting near $69,000, bitcoin quickly popped back to $70,000. U.S. stock index futures also posted small gains on the news.
TLDR
- Microsoft shares fell about 2.5% and traded near $373 during Tuesday’s session.
- Major U.S. indices moved lower as renewed geopolitical tensions pressured technology stocks.
- Reports said Iran started charging transit fees in the Strait of Hormuz, raising trade concerns.
- The Manufacturing PMI rose to 52.4, beating expectations of 51.5 and signaling expansion.
- Despite strong economic data, broader market weakness kept MSFT stock under pressure.
MSFT stock declined on Tuesday as broader markets retreated and geopolitical risks resurfaced. The stock fell about 2.5% to nearly $373 during the session. Traders reacted to renewed tension in the Middle East and weakness across major technology names.
MSFT Stock Drops as Geopolitical Tensions Weigh on Tech
MSFT stock moved lower as major U.S. indices reversed earlier gains. The Dow Jones, S&P 500, and Nasdaq each closed in negative territory. Reports tied the selloff to rising tensions linked to Iran. News from the Strait of Hormuz added pressure on global trade routes.
Authorities reported that Iran began charging transit fees for vessels in the region. That development raised concerns about shipping costs and energy prices. Consequently, large-cap technology stocks faced renewed selling pressure. Companies within the “Magnificent Seven” group traded lower during the session.
Nvidia, Apple, and Amazon have already posted declines between 12% and 13% this year. Those losses have trailed the broader S&P 500 index performance. Market participants often move these stocks together during uncertain periods. As risk appetite weakens, traders reduce exposure to high-growth sectors.
Microsoft traded in line with its mega-cap peers during the pullback. The company did not release new corporate updates on Tuesday. However, broader macro headlines influenced price action. As a result, the stock reflected general market direction rather than company-specific developments.
Strong PMI Data Fails to Lift MSFT Stock
The latest Manufacturing Purchasing Managers’ Index showed continued expansion. The PMI reading came in at 52.4 for the month. Economists had expected a reading of 51.5. The previous figure stood at 51.6.
A PMI reading above 50 indicates expansion in manufacturing activity. The latest data suggested stable demand and steady production levels. Despite the stronger reading, equities did not rally. Instead, geopolitical headlines dominated trading decisions.
Market analysts pointed to a shifting focus during the session. “Geopolitical risks are driving short-term sentiment,” one market strategist said. Economic data often supports long-term growth projections. However, traders prioritized global developments during Tuesday’s session.
Microsoft continues to expand its Azure cloud platform. The company also integrates automation tools across enterprise products. These initiatives support revenue growth targets. Still, Tuesday’s price movement reflected broader market conditions.
MSFT stock closed near $373 after the 2.5% decline. Trading volume remained consistent with recent sessions. The PMI report remains the latest major economic release influencing markets.
Chair Michael Selig said that the task force was an example of “future-proofing“ regulation at the Commodity Futures Trading Commission.
The US Commodity Futures Trading Commission (CFTC) is looking to embrace innovation in its regulatory approach to crypto and blockchain with the launch of a new Innovation Task Force, according to a Tuesday notice.
Chair Michael Selig said that the task force will work with the regulator’s Innovation Advisory Committee to create a framework focused on crypto, blockchain, AI, and prediction markets. The effort will be led by Michael Passalacqua, who joined the CFTC as a senior adviser in January after working on crypto and blockchain issues at international law firm Simpson Thacher & Bartlett.
“The idea behind our innovation advisory task force is really to create a space where innovators and builders can come in and talk to the staff,” Selig told attendees at the Digital Asset Summit in New York City on Tuesday. “It’s not just crypto — it’s going to be prediction markets, crypto, and AI. We think these three verticals are really important.”
The move comes more than a year after the US Securities and Exchange Commission (SEC) launched its own task force focused on crypto regulation, just one day after US President Donald Trump took office, and SEC Commissioner Mark Uyeda took the reins as acting chair from former Commissioner Gary Gensler. The SEC task force, headed by Commissioner Hester Peirce, included Selig as chief counsel at the time before he was nominated by Trump to chair the CFTC.
Related: SEC task force met with Trump-supporting firms to discuss crypto regulation
Regulators work on crypto rules as market structure legislation remains stuck
The CFTC’s announcement comes on the heels of an SEC interpretative notice last week that proposed that the agency would not consider most crypto asset securities under federal law. SEC Chair Paul Atkins called the measure a “bridge” to clarify crypto regulation in the absence of Congressional action on a comprehensive digital asset framework.
The market structure bill, called the CLARITY Act when it passed the House of Representatives in July 2025, has effectively been stalled in the Senate amid debates over stablecoin yield, ethics, tokenized equities, and other issues. While some proponents of the legislation have said policymakers were closer to reaching an agreement, it was unclear as of Tuesday if or when it would reach the Senate for a full floor vote.
Magazine: Banks want to run Vietnam’s crypto exchanges, Boyaa’s $70M BTC plan: Asia Express
Circle is partnering with Sasai Fintech to expand the use of its USDC stablecoin across African payment corridors, targeting remittances, business transactions and mobile wallet services.
According to Tuesday’s announcement, collaboration will integrate the second-biggest stablecoin into Sasai’s existing payments infrastructure, which supports cross-border transfers, enterprise payments and consumer wallets, with the aim of reducing costs and settlement times.
Sasai operates across multiple African markets, providing digital payments services that will integrate with Circle’s onchain infrastructure.
The companies said they will explore practical applications for USDC (USDC) using Circle’s full-stack platform, as stablecoin usage grows in Africa alongside rising demand for cross-border payments and mobile-first financial services.
The United Nations has set a target of reducing average remittance transaction costs to less than 3% globally. However, costs remain high, particularly in Sub-Saharan Africa, according to the World Bank. “Sierra Leone, Uganda, Angola, Botswana, and Zambia are among the economies with the highest transaction costs, all greater than 7% in 2023,” according to a World Bank June 2025 report.
Circle CEO Jeremy Allaire said the company is focusing on high-growth payment corridors in emerging markets, while Cassava Technologies Chairman Strive Masiyiwa said the integration could expand access to digital financial services for businesses and consumers.
Data from DefiLlama shows USDC is the second-largest stablecoin by market capitalization at around $78.6 billion, trailing only Tether’s USDT (USDT) at about $184.1 billion.
Related: Africrypt founders back in South Africa years after platform collapse: Report
The rise of crypto and stablecoins in Africa
Crypto adoption in Sub-Saharan Africa has accelerated sharply, up 52% in the 12 months through June 2025, with the region receiving more than $205 billion in onchain value, according to a Chainalysis report from September.
Nigeria accounted for over $92 billion of that activity, followed by South Africa, Kenya, Ethiopia and Ghana, with usage largely driven by remittances, cross-border payments and demand for hedging against currency volatility.
The growth is drawing increased interest from crypto companies expanding into the region. Earlier this month, Blockchain.com entered Ghana as part of its broader African push, following more than 700% growth in brokerage transaction volume in Nigeria since launching retail services there.
Regulators are also beginning to formalize the sector. In March, Ghana’s Securities and Exchange Commission approved 11 crypto trading platforms to enter a regulatory sandbox under its newly adopted Virtual Asset Service Providers Act.
At the user level, both Bitcoin and stablecoins are gaining traction for everyday financial use. In January, former UN under-secretary-general Vera Songwe said remittances have become “more important than aid” in Africa, with stablecoins emerging as a faster, lower-cost alternative to traditional transfers.
Speaking on Natalie Brunell’s Coin Stories podcast in March, Africa Bitcoin Corporation executive chairman Stafford Masie said Bitcoin is used as money in some local economies.
Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?
Activity-based rewards are allowed, but anything ‘economically equivalent to interest’ is barred.
Crypto industry leaders reviewed the draft stablecoin yield language in the Digital Asset Market Clarity Act during a closed-door session on Capitol Hill on Monday, and the opening reaction was that the text was overly narrow and unclear, according to CoinDesk.
The draft, negotiated by Senators Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.), bans yield payments for simply holding a stablecoin and restricts any structure that is economically equivalent to a bank deposit, CoinDesk reported. Activity-based rewards tied to loyalty programs, promotions, subscriptions, transactions, and platform use remain permitted, but the mechanics for determining what qualifies as a valid activity remain uncertain.
Circle shares fell 19%, while Coinbase dropped 8% on Tuesday after the draft raised the prospect of strict limits on stablecoin yield.
Coinbase CEO Brian Armstrong, who pulled the company’s support for the Clarity Act in January over yield restrictions, causing the Senate Banking Committee to postpone its markup, has yet to comment on the new text. Stablecoin-related revenue represented roughly 20% of Coinbase’s total revenue in Q3 2025.
The stablecoin yield question had been the single largest obstacle blocking the Clarity Act’s path through the Senate since January. Banks, led by the American Bankers Association, argued that stablecoin rewards could siphon deposits from traditional savings accounts. JPMorgan and Bank of America executives cited a Treasury study indicating that banks could lose up to $6.6 trillion in deposits if stablecoins offered unregulated yields, CNBC reported.
The GENIUS Act, signed into law in July 2025, barred stablecoin issuers from paying interest directly to holders but did not prevent third-party platforms from offering rewards — a gap that experts warned would become a key regulatory battleground.
What’s Next
The deal clears the primary hurdle for a Senate Banking Committee markup, now tentatively targeted for late April after the Easter recess. The bill had already been unlikely to advance before then, as Senate Majority Leader John Thune indicated earlier this month.
From there, the bill faces a full Senate floor vote requiring 60 votes, reconciliation with the Senate Agriculture Committee’s version passed in January, reconciliation with the House version that passed 294-134 in July 2025, and a presidential signature.
Polymarket currently prices the odds of the Clarity Act being signed into law in 2026 at roughly 63%.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
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